Hurricane Maria

Trump wants no more relief funds for Puerto Rico

Illustration: Lazaro Gamio/Axios

President Trump doesn't want to give Puerto Rico any more federal money for its recovery from Hurricane Maria, White House officials have told congressional appropriators and leadership. This is because he claims, without evidence, that the island’s government is using federal disaster relief money to pay off debt.

The big picture: Trump also told senior officials last month that he would like to claw back some of the federal money Congress has already set aside for Puerto Rico's disaster recovery, claiming mismanagement.

Puerto Rico's unlikely financial bounceback

Puerto Rico was the poorest and most struggling part of America even before Hurricane Maria hit in September 2017. Its bonds had been in default for over a year, and were trading at around 60 cents on the dollar before the hurricane knocked them down to a low of less than 23 cents in December 2017.

Data: FactSet; Chart: Chris Canipe/Axios

Today, those bonds are back to their pre-hurricane levels, and Puerto Rican debt has proven to be 2018's top bond investment.

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